Views: 0 Author: Site Editor Publish Time: 2021-05-18 Origin: Site
The global fiberglass market size was USD 11.25 Billion in 2019 and is estimated to reach USD 15.79 Billion by 2027, at a CAGR of 4.6% during the forecast period. The market is primarily driven by increasing utilization of fiberglass in the infrastructure & construction industry. Extensive use of fiberglass for the manufacture of water storage systems and automobiles is driving the fiberglass market during the forecast period. Benefits of using fiberglass in architecture, such as corrosion resistance, cost effectiveness, and light weight, are leading to the increasing demand for fiberglass. The rising need for insulation application in the building & construction sector is driving the utilization of fiberglass materials in the sector.
Rising awareness regarding renewable energy sources has increased the number of installations of wind turbines all over the world, which has driven the use of fiberglass for the manufacture of blades of wind turbines. The growing trend of manufacture of advanced fiberglass in the wind energy sector is expected to offer lucrative opportunities for manufacturers of fiberglass materials during the forecast period. Light weight and high strength of fiberglass have increased its for manufacture of automobile parts, which is likely to propel the fiberglass market during the forecast period. The non-conductive nature of fiberglass makes it a great insulator and helps reduce the complexity in the earthing process at the time of installation. Thus, increasing need for electric insulation is expected to fuel the fiberglass market in the next few years. Benefits of fiberglass insulation for metal buildings, such as moisture resistance, fire resistance, use of recycled material for production of fiberglass insulations, are boosting its usage among manufacturers.
Composites is estimated to be the most rapidly expanding segment during the forecast period. It accounted for the largest share of the fiberglass market in 2019. The segment comprises automotive, construction & Infrastructure, wind energy, aerospace, electronics, and others. The light weight and high strength of fiberglass have driven its use for the production of automobile parts. Rising need for thermal and electric insulation in homes and offices has augmented the demand for fiberglass components. The non-conductive nature and lower heat distribution gradient of fiberglass help in making it a great electric insulator, which saves energy and lowers the utility bills. This has increased the utilization of fiberglass in the construction & infrastructure industry.
The automobile segment accounted for the largest share of the fiberglass market in 2019 and is expected to expand at the most rapid rate during the forecast period. Strict emission standards imposed by the regulatory authorities have increased the use of fiberglass in the manufacture of automobile parts. Moreover, light weight, tensile strength, temperature resistance, corrosion resistance, and dimensional stability of fiberglass have augmented the demand for the material in the automotive sector.
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